journald does do a rewrite of the log file on rotation, so you're paying that IO anyway even if you ignore the dumb hash table updates.
https://github.com/systemd/systemd/blob/8f4cd7de43d1e6e94687...
WAL writeback is at least principled and efficient. It works out to being equivalent to the custom Parquet-rotation things others mention, but already implemented and working.
So, yes, WAL for logs, because LSM is the design everyone converges on and a WAL is LSM. Better to use the LSM already implemented and debugged in a database than write some random new one in terms of Parquet that's going to have to do the same stuff in the end anyway, just with novel bugs and no tool support.
(And look, I don't give a damn what "DB" people say, a WAL writing back to a DB IS log... structured... merge under any fucking sensible definition of what LSM means.)